With a focus on Mumbai suburban and Pune, new initiatives like deploying retired Tahsildars aim to expedite recoveries, reinforcing MahaRERA’s commitment to safeguarding homebuyers’ rights under RERA regulations.
The Maharashtra Real Estate Regulatory Authority (MahaRERA) is intensifying efforts to hold developers accountable, successfully recovering over Rs 200 crore to compensate homebuyers. This marks a crucial step in ensuring that builders comply with regulations and fulfill their financial obligations.
According to an official statement, MahaRERA has issued 1,163 warrants for the recovery of Rs 705.62 crore across Maharashtra. So far, developers have paid Rs 200.23 crore through 283 warrants, covering 139 real estate projects.
Mumbai city alone contributed Rs 46.47 crore from 22 warrants linked to 10 projects. Meanwhile, Mumbai suburban and Pune together accounted for Rs 115.43 crore, spread across 142 warrants for 78 projects. Despite these efforts, challenges remain, particularly in Mumbai suburban, where developers owe Rs 304.45 crore, and Pune, where the arrears stand at Rs 189.42 crore.
A significant portion of the recovery efforts is focused on Mumbai suburban and Pune. To accelerate the process, MahaRERA Chairman Manoj Saunik recently introduced a new initiative. Retired Tahsildars (revenue officers) will be deployed to District Collector’s offices in areas with substantial arrears, starting with a pilot project. If successful, this initiative may be expanded to other districts facing similar challenges
This new strategy is part of MahaRERA’s ongoing work to enforce the Real Estate (Regulation and Development) Act, 2016. Under this law, developers are required to compensate homebuyers, pay interest, or issue refunds within a specified timeframe. Should developers fail to comply, MahaRERA can work with the District Collector’s office to recover the outstanding dues as land revenue arrears, ensuring homebuyers receive the compensation owed to them. Through these measures, MahaRERA reaffirms its commitment to safeguarding homebuyers rights and holding developers accountable for legal violations
Note:
The information provided above is accurate to the best of our knowledge. However, we do not guarantee the accuracy of the information presented in this article. Readers are advised to verify the details independently.
Article source: Economic Times
Interesting read.